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  "docSlug": "f982379e2e48",
  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses a 'before-after' or 'claim-vs-reality' structure to expose potential fraud.",
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      "text": "We believe that Lasertec’s “Innovation Park” is a fraud and that key claims about any R&D or production activity, as well as its construction status, are false",
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      "text": "Lasertec presentation, Aug 7 2023 shows the purported “Fab 4A” cleanroom",
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      "text": "We believe that Lasertec’s “Innovation Park” is a fraud and that key claims about any R&D or production activity, as well as its construction status, are false – as made by the company in press releases, presentations, earnings conferences, and during an in-person IR meeting at their headquarters, by a local consultant on our behalf. We hired multiple local investigators who visited the facility approximately 20 times between Dec 2023 and May 2024. Over many months, we found no evidence of R&D or production activity at the site; nor any evidence that Fab 4A looks like the photograph in Lasertec’s presentation – we wonder if it is a stock photo of a clean room. The investigators conducted extensive surveillance including: field visits and interviews; aerial drone surveillance over several visits, in particular of the purported “Fab 4A”; several weeks of 24/7 footage from motion detector cameras; and other photographic and in-person investigation.",
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      "text": "Source: Lasertec investor relations site, https://ssl4.eir-parts.net/doc/6920/ir_material_for_fiscal_ym5/139603/00.pdf",
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